After speaking with St. Mary's Bank about modifying my mortgage so I could get a lower interest rate, I hung up out of total fear of losing my home instead!
Apparently they own my loan and gave me the impression that if I could not afford my mortgage than I should be selling the house. I replied in astonishment, "Instead of St. Mary's Bank be willing to help me stay in my home, you would rather make me sell it?" The gentleman on the other end (I was sent to the collections dept. for this information rather than a mortgage officer, by the way)told me, if I was not late on payments (which I have never been), they wouldn't be able to force me out but would strongly advise it.
I told him I read that the banks were given incentive money to help get the percentage of our payments down to 31% of our income. This guy told me St. Mary's wasn't willing to go this low, maybe 38-39%, he told me. Then he proceeded to ask me to bring in all my financial documents to support my income and expenses.
Well I don't know about you, but I was frozen in fear after this conversation and will not be bringing anything into this bank for review. I'm too afraid that they will try to force me out of my house and use anything if not all against me to do so.
I heard no empathy for my situation in this man's voice nor did he give any encouragement that St. Mary's Bank was going to be willing to work with me for the little help I asked for.
I've written to the White House regarding this matter. I am doubtful I will get back any response but I had to try. Exposing the problem is part of solving it. If you have any stories you would like to share in your own efforts to get help with lowering your interest rates on your mortgages feel free to share them with us. Until then....
Susan
